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Unemployment and interest rate hikes predicted to hit property market

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Unemployment and interest rate hikes predicted to hit property market - The volume of new mortgage applications reached multi-year highs amid record low interest rates

, as well as the precarious state of South Africa’s economy, may spoil the appetites of prospective homeowners who earlier in the Covid-19 pandemic would have enjoyed a vibrant market.

in South Africa and abroad remaining at elevated levels, central banks are bound to set monetary policy on the path towards normalisation in 2022. As the repo rate is lifted the cost of borrowing goes up and homebuyers end up paying more on their mortgages.Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.

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